In this article i am gone to share Coursera Course: GST – Genesis and imposition! by the PwC Indian | Graded assessment: Framework of GST Quiz Answers
Course Link: GST – Genesis and imposition!
Graded assessment: Decoding the concept of supply – Part 1 Quiz Answers
Question 1)
XYZ Ltd. transfers its business as a going concern to ABC India Ltd. Which of the following statement is true?
- It is considered as Supply under Schedule II, hence taxable under GST
- The above transaction is outside the ambit of GST provisions
- Neither of above is correct
Question 2)
Gupta & Gupta Co., a registered supplier, disposes the computers owned by the business without consideration and it has not claimed input tax credit on such computers. Which of the following statement is true?
- As per section 7(1)(c), read with schedule I, permanent transfer/disposal of business assets is treated as supply even though made without consideration
- The above transaction is outside the ambit of GST per Schedule III
Neither of above is correct - Point (a) above is true, but since no input has been availed, hence disposal of computers is not a supply
Question 3)
BQ ltd. transfers its business as going concern to LM India ltd. Which of the following statement is true?
- The above transaction is outside the ambit of GST provisions
- It is considered as Supply under Schedule II, hence taxable under GST
- Neither of above is correct
Question 4)
What is the taxable event for the levy of GST?
- Sale
- Manufacturing
- Supply
- None of the above
Question 5)
As per which schedule of the CGST Act, 2017 has the government laid down the transactions/activities which are not treated as supply of goods or services?
- Schedule I
- Schedule II
- Schedule IV
- Schedule III
- None of the above are correct
Question 6)
As per which schedule of the CGST Act, 2017 has the government laid down certain transactions/activities classified as supply of goods or services?
- Schedule I
- Schedule II
- Schedule III
- Schedule IV
- None of the above
Question 7)
Section 2(52) of the CGST Act defines goods to mean every kind of movable property other than money and securities but including actionable claim, growing crops and things attached to or forming part of land which are agreed to be severed before supply or under a contract of supply. Whether the statement is true or false?
- True
- False
Question 8)
Which of the below statement is true for sale/purchase of shares on NSE subject to GST?
- The definition of both goods and services excludes securities from their scope. This means that securities cannot be regarded as either goods or services.
- The definition of both goods includes securities from their scope. This means that securities can be regarded as goods, hence GST is leviable.
- None of the above
Question 9)
Consideration can be paid by a recipient who receives or utilizes the goods or any other person. State whether the statement is correct or incorrect.
- Correct
- Incorrect
Question 10)
Which of the below statements are true with regards to constitute an Import of service:
The place of supply of service is in IndiaThe supplier of service is located outside India- The recipient of service is located in India
- All the above are correct
Question 11)
Which of the following statement is true for the appeal fees of INR 10,000/-charged by CESTAT for filing of appeals by assessee. GST charged on such supply would be:
- 10,000/-
- The above transaction is outside the ambit of GST per Schedule III
- 1800/-
- Neither of above is correct
Question 12)
Hello ltd. renders renting of commercial building to LM Ltd in Delhi. Which of the following statement is true?
- NAC is providing a supply of goods
- Renting is not a supply under GST provisions
- NAC is providing a supply service
- Neither of above is correct
Question 13)
Which of the following statement is true for the appeal fees of INR 15,000/-charged by Court for filing of appeals by assessee. GST would be charged on:
- 15,000/-
- Neither of above is correct
- The above transaction is outside the ambit of GST per Schedule II
- 1800/-
Question 14)
Supply includes all forms of supply of goods or services for a consideration by a person whether or not in the course or furtherance of business. State whether the statement is true or false?
- True
- False
Question 15)
As per which schedule of the CGST Act, 2017 has the government laid down the transactions/activities which are treated as supply of goods or services without consideration?
- Schedule I
- Schedule III
- Schedule II
- Schedule IV
- None of the above are correct
Question 16)
‘Actionable claim other than lottery, betting and gambling are excluded from the scope of supply’. Whether the statement is true or false?
- False
- True
Question 17)
Which of the below statement is true for purchase of future contracts/derivates on NSE subject to GST?
- The definition of both goods includes securities from their scope. This means that securities can be regarded as goods, hence GST is leviable.
- The definition of both goods and services excludes securities from their scope. This means that securities cannot be regarded as either goods or services.
- None of the above
Question 18)
Which of the following transactions does not qualify as supply under GST law?
- Disposal of mother vehicle without consideration and the supplier has not claimed input tax credit on such car.
- A principal makes supplies to his agent who is also registered under GST and is situated within the same State and the invoice for further supply is issued by the agent in his name.
- Head Office makes a supply of services to its own branch outside the State.
- A person imports services without consideration for the purposes of his business from his elder son living outside India.
Question 19)
NAC Ltd. renders renting of commercial building to XYZ Ltd. in Delhi. Which of the following statement is true?
- NAC is providing a supply of goods
- NAC is providing a supply service
- Neither of above is correct
- Renting is not a supply under GST provisions
Question 20)
What is the value of supply on which GST is payable by Samsung India on sale of scrap for INR 25,00,000/-?
- Taxable value of INR 25,00,000/-
- Sale of scrap is not a supply as per the GST Act
- Sale of scrap is neither Supply of Goods nor Supply of services as per Schedule II
- Sale of scrap is covered under Schedule III, hence not a Supply